In Partnership with GreenPath Financial Wellness
As the summer months approach, unplanned expenses, such as summer camp, beach days, and new sandals for your kids, may sneak up on you and take you off budget. Get ahead of summertime costs now by using a budgeting tool. Whether you prefer an app or the back of an envelope, here are a few tips as you consider both digital and analog tools:
Prioritize Accordingly
There are many financial resources designed to make money management stress-free, but regardless of what budgeting tool you choose, consider the following features:
- Goal Setting
Creating and reaching financial goals for yourself is why most of us budget in the first place! Support this aspect of your financial story by choosing a tool that allows you to set goals, whether saving up for a milestone purchase or paying off credit card debt. Choose a tool so you can monitor your progress and edit your goals when circumstances change.
- Methodology
Based on your goals, you may use the traditional envelope system or focus on zero-based budgeting. Choose a system that offers flexibility, allowing you to experiment with different methods until you find the one that works best for you.
- Affordability
Before you commit to a paid subscription, research free or free trial periods of budgeting apps to determine whether the functionality is worth the cost. Many apps offer free features (like goal setting) with the option to upgrade later to unlock additional features.
- Security
Given the sensitive nature of financial information, security is essential when choosing a budgeting tool. Ensure that the app employs enhanced security protections such as encryption, multi-factor authentication, and regular updates and notifications to protect your financial data from unauthorized access. Learn more about our commitment to your financial security in this great YouTube series.
- Interface
User-friendly, intuitive design ensures you can navigate the app effortlessly, saving you time and frustration. Look for apps that allow you to quickly input transactions, set budgets, and track your spending without a steep learning curve. Some apps even offer interactive tutorials to guide you through the setup process.
Before investing time into learning or creating a new budgeting tool, check out a few free resources that can help you with summertime spending. All customers have access to the following:
- Spring Bank Mobile App for instant access to your personal savings and checking accounts online
- Free financial counseling with our partners at Ariva & GreenPath Financial Wellness
- Free access to Autobooks for all customers with a small business bank account
- One-to-one customer service. If you need help creating your financial goals or getting clearer on how to achieve them, our team is here to help you. Visit us in person, or give us a call at 718.879.5000
